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11/30/2022, 2:26 PM (Source: TeleTrader)
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DoorDash to lay off 1,250 employees

Food delivery service DoorDash Inc. announced on Wednesday that it is looking to cut about 1,250 jobs. The company will be left with approximately 7,350 employees, with the layoff reducing its workforce by 14.5%.

"We were not as rigorous as we should have been in managing our team growth...That's on me. As a result, operating expenses grew quickly," said Chief Executive Officer Tony Xu in a message to company staff.

The decision comes as the online ordering platform announced its third-quarter results earlier this month, reporting a 26.5% annual increase in total orders, or 439 million, compared to 347 million in the same period last year. However, its net loss almost tripled, amounting to $295 million, compared to $101 million in 2021.

Baha Breaking News (BBN) / MX